Abstracts
Résumé
La relation postinvestissement entre entrepreneurs et investisseurs est un enjeu de performance pour les start-up. Cette relation est notamment étudiée à travers les mécanismes de gouvernance, montrant une évolution des rôles des investisseurs selon leurs typologies et le stade de développement des start-up. Plusieurs auteurs en finance entrepreneuriale suggèrent d’examiner plus en détail l’influence des aspects individuels, comme les représentations personnelles, dans cette relation. Cette recherche vise à comprendre comment les représentations des entrepreneurs et des capital-risqueurs sur le rôle de l’investisseur et leurs attentes respectives influencent les mécanismes de gouvernance mis en place. À travers une étude de cas multiples intégrant six binômes entrepreneurs-investisseurs, nous identifions six types de représentations, illustrant la diversité des représentations individuelles. Nous montrons que les binômes s’approprient les mécanismes de gouvernance intentionnels et spontanés selon la représentation des individus impliqués dans la relation. D’un point de vue managérial, nous proposons un cadre interprétatif pour les fonds d’investissement qui souhaiteraient identifier les représentations des entrepreneurs et des investisseurs en vue d’adopter les mécanismes spontanés les mieux adaptés aux spécificités de chaque binôme.
Mots-clés :
- Relation entrepreneur-investisseur,
- Capital-risque,
- Mécanismes de gouvernance,
- Gestion des relations,
- Représentations
Abstract
The post-investment relationship between entrepreneurs and investors is a key performance issue for startups. This relationship is mainly studied through the mechanisms of governance, showing an evolution in the roles of investors according to their typology and the stage of development of the start-up. A number of authors in the field of entrepreneurial finance have suggested investigating the influence of individual aspects, such as personal representation, in this relationship. This research aims to understand how entrepreneurs’ and venture capitalists’ mental models of the role of the investor and their respective expectations influence the governance mechanisms put in place. Through a multiple case study of six entrepreneur-investor pairs, we identify six types of mental models, illustrating the diversity of individual representations, and show that pairs adopt intentional and spontaneous governance mechanisms according to the mental model of the individuals involved in the relationship. From a managerial point of view, we propose an interpretative framework for investment funds wishing to identify the mental models of entrepreneurs and investors in order to adopt the spontaneous mechanisms best suited to the specific characteristics of each pair.
Keywords:
- Entrepreneur-investor relationship,
- Venture capital,
- Governance mechanisms,
- Relationship management,
- Representations
Appendices
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